Title XIII, COMMERCE (Ch. 505 - 554I)

This chapter is entitled “Alternative and Reverse Annuity Mortgage Loan Act” . 89 Acts, ch 267, §1

As used in this chapter , unless the context otherwise requires: 1. “Administrator” means the superintendent of banking and the superintendent of credit unions within the department of insurance and financial services. 2. “Alternative mortgage loan” means a mortgage loan which is…

A financial institution may make alternative mortgage loans in accordance with this chapter . General provisions governing a financial institution’s mortgage loans apply to alternative mortgage loans unless inconsistent with the provisions of this chapter . This chapter does not …

A financial institution making an alternative mortgage loan may contract with the mortgagor for interest to be paid currently or to accrue, and if accrued, for accrued interest to be added to the mortgage debt on which interest may be charged and collected. Accrued interest which…

1. A financial institution that offers or makes an alternative mortgage loan shall include in any disclosure of the rates or availability of mortgage loans, the rates and availability of reverse annuity mortgages or graduated payment mortgage loans, if and when such loans are off…

1. Before a financial institution makes an alternative mortgage loan, it shall submit to the administrator for that type of institution, for the administrator’s approval, the prototype plan and subsequent amendments to the plan under which alternative mortgage loans are to be mad…

1. If the mortgagee or its assignee and the mortgagor agree, any installment payment of either the loan proceeds or an annuity purchased with the loan proceeds of a reverse annuity mortgage loan may be reduced by an amount used for partial repayment of the mortgage debt, except a…

A graduated payment mortgage loan offered or made by a financial institution shall provide for interest at a specified rate or a series of specified rates. 89 Acts, ch 267, §8

The administrator may adopt rules pursuant to chapter 17A , as the administrator deems necessary and convenient to carry out the provisions of this chapter . 89 Acts, ch 267, §9

In this chapter , unless the context otherwise requires: 1. “Authorized delegate” means a person designated by the licensee. 2. “Check cashing” means exchanging for compensation a check, draft, money order, traveler’s check, or a payment instrument of a money transmitter for mone…

1. A licensee, authorized delegate, or money transmitter required to file a report regarding business conducted in this state pursuant to the federal Currency and Foreign Transactions Reporting Act , 31 U.S.C. §5311 through 5326 and 31 C.F.R. pt. 103 , or 12 C.F.R. §21.11 , shall…

1. The attorney general or county attorney may conduct investigations within or outside this state to determine if any licensee, authorized delegate, money transmitter, or person engaged in a trade or business has failed to file a report required by this chapter or has engaged or…

1. The provisions of this chapter shall be liberally construed to effectuate its remedial purposes. Civil remedies under this chapter shall be supplemental and not mutually exclusive. The civil remedies do not preclude and are not precluded by other provisions of law. 2. The prov…

This chapter shall be known as the “Iowa Credit Union Act” . 2007 Acts, ch 174, §1

As used in this chapter , unless the context otherwise requires: 1. “Account insurance plan” means an arrangement providing account and share insurance which is of a type authorized under section 533.307 . 2. “Common bond” means the shared characteristic of members of a credit un…

A credit union division of the department of insurance and financial services is created to administer this chapter . 2007 Acts, ch 174, §3 ; 2023 Acts, ch 19, §2745 Referred to in §546.4

1. A superintendent of credit unions shall be appointed by the governor to serve at the pleasure of the governor, subject to confirmation by the senate, to regulate credit unions. The appointee shall be selected solely with regard to qualification and fitness to discharge the dut…

1. The superintendent may appoint an employee of the credit union division as deputy superintendent to perform the duties of the superintendent during the superintendent’s absence or inability to act. 2. The deputy superintendent shall serve at the pleasure of the superintendent.…

1. a. The superintendent may appoint assistants, examiners, and other employees as the superintendent considers necessary to the proper discharge of duties imposed upon the superintendent by the laws of this state. b. Pay plans shall be established for the credit union division e…

1. The credit union division may conduct a background investigation on an applicant for employment with the division. The division shall inform an applicant that the position requires a background investigation and shall obtain the applicant’s written authorization prior to condu…

1. A credit union review board is created. The review board shall consist of seven members, five of whom shall have been members in good standing for at least the previous five years of either an Iowa state chartered credit union, or a credit union chartered under the Federal Cre…

1. a. Records of the credit union division are public records subject to the provisions of chapter 22 , except as otherwise provided in this chapter . b. Papers, documents, writings, reports, reports of examinations and other information relating specifically to the supervision a…

1. The superintendent shall acquire good and sufficient bond in a company authorized to do business in this state in order to ensure both of the following: a. The faithful performance of the deputy superintendent, assistants, examiners, and all other employees of the credit union…

1. The superintendent, deputy superintendent, assistants, examiners, and other employees of the credit union division are entitled to receive reimbursement for expenses incurred in the performance of their duties. 2. The superintendent, and when specifically authorized by the sup…

1. a. All expenses required in the discharge of the duties and responsibilities imposed upon the credit union division, the superintendent, and the review board by the laws of this state shall be paid from fees provided by the laws of this state and appropriated by the general as…

1. Each state credit union shall pay an annual fee for examination and supervision as determined by the superintendent based on the actual cost of operating the credit union division. a. The cost of operating the credit union division shall include but not be limited to costs and…

1. The superintendent may do any or all of the following: a. Make or cause to be made an examination of a credit union whenever the superintendent believes such examination is necessary or advisable, but in no event less frequently than once during each twenty-four-month period. …

1. Whenever the superintendent deems it necessary and advisable, the superintendent may notify the board of directors of a state credit union that a meeting will be held at a place and time and manner as the superintendent directs. The superintendent’s notice may disclose the pur…

1. The superintendent shall report annually to the governor in the manner and within the time required by chapter 7A . A copy of the report shall be furnished by the superintendent to each state credit union and to the Iowa credit union league and its affiliates. 2. In addition t…

1. Subject to rules of the superintendent, a credit union organized in another state may do business in Iowa if state credit unions organized in Iowa may do business in the state in which the out-of-state credit union is organized. 2. Notwithstanding subsection 1 , an out-of-stat…

If a state credit union has an office and conducts business in another state having laws or regulations allowing credit unions to exercise additional powers, the state credit union may request permission from the superintendent to exercise such additional powers while operating i…

1. The superintendent shall enforce the Iowa consumer credit code with respect to state credit unions, as provided in sections 537.2303 , 537.2305 , and 537.6105 . 2. The superintendent shall cooperate with the administrator of the Iowa consumer credit code as designated in secti…

This chapter does not apply to any person engaged in the business of loaning money under chapter 536 . 2007 Acts, ch 174, §17

1. In order to simplify the organization of state credit unions, the superintendent shall cause to be prepared an approved form of articles of incorporation and a form of bylaws, consistent with this chapter , which shall be used by state credit union incorporators. 2. a. A group…

1. A state credit union shall notify the superintendent of any change in its principal place of business within ten days of the change. A state credit union shall also file an application to relocate an office as provided by rule. 2. A state credit union changing its principal pl…

1. a. State credit union organization shall be available to groups of individuals who have a common bond of association such as, but not limited to, occupation, common employer, or residence within specified geographic boundaries. b. Changes in the common bond may be made by the …

1. The fiscal year of all state credit unions shall end December 31. 2. Annual meetings shall be held, and special meetings may be held, in the manner indicated in the bylaws. a. A member shall have one vote regardless of the number of or class of shares held by the member. b. Th…

1. The majority of members present at any meeting may vote to modify, amend, or reverse any act of the board of directors or instruct the board to take action not inconsistent with the articles, bylaws, or this chapter . 2. In order to be binding upon the board of directors, any …

1. At the organizational meeting, and at each annual meeting after initial organization, a board of directors shall be elected to hold office. The board shall consist of at least seven members, but in every instance shall be composed of an odd number of directors. The directors s…

1. Within five days following the organizational meeting and each annual meeting, the directors shall elect the following officers from the membership of the board of directors: a. A chairperson of the board. b. A vice chairperson. c. A secretary. d. A financial officer whose tit…

1. The board of directors shall hold at least six regular board meetings each calendar year. No more than one regular meeting shall be held in any one calendar month, nor shall a credit union go longer than two consecutive months without holding a board meeting. If a credit union…

1. The credit committee shall have responsibility for the general supervision of all loans to members. 2. Applications for loans shall be on a form approved by the credit committee. a. All applications shall set forth the purpose for which the loan is desired, the security, if an…

The auditing committee shall perform the following functions: 1. Make or cause to be made an examination of the affairs of the state credit union at least annually, including an audit of its financial records. If the auditing committee feels such action to be necessary, the audit…

1. A director, committee member, officer, or employee of a state credit union shall not directly or indirectly participate in either the deliberation upon or the determination of any matter in which the director, committee member, officer, or employee has a direct or indirect int…

A director shall not be related by consanguinity or affinity within the third degree to any person employed by a state credit union in a senior management position. For purposes of this section , “senior management position” includes a state credit union’s chief executive officer…

1. The board of directors may expel a member of a state credit union who has engaged in any of the following: a. Failing to carry out the member’s obligations to the state credit union. b. Failing to comply with the state credit union’s bylaws or policies. c. Being physically or …